Chip developer Zoran Corporation (Nasdaq: ZRAN) is laying off several dozen employees from its mobile division. This follows the firing of 40 employees 18 months ago when the company closed its R&D center in Kfar Netter and consolidated it with is R&D center in Haifa.
Zoran, managed by CEO Dr. Levy Gerzberg, develops chip for electronic products like digital cameras, DVDs, and printers.
Zoran posted $102.7 million revenue for the second quarter of 2009, down from $128.7 million for the corresponding quarter. GAAP-based net loss narrowed nearly two-thirds to $13.8 million ($0.27 per share) for the second quarter from $36.6 million for the corresponding quarter.
Zoran's share closed at $11.02 yesterday, giving a market cap of $567.45 million.
The company was not available for comment by webposting.
Published by Globes [online], Israel business news - www.globes-online.com - on August 11, 2009
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